Home Loan Rates 20185111 views
Highlights
- Check if you are eligible for SBI home loan or not.
- Know the documentation required for home loans.
SBI is the most preferred bank for housing loans and the reason behind this includes its NO processing fee facility with the lowest interest rate. The bank offers affordable home loans under Pradhan Mantri Awas Yojana (PMAY) under the scheme Housing for All (urban). Other than this, there is also the interest surcharge available for the applicants who fit into the criteria under Credit Linked Subsidy Scheme (CLSS) for EWS/LIG/MIG. The bank also There is also Read more to know about SBI home loans.
Home Loan
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Table of Contents
- 1 How to apply for SBI Home Loan Online?
- 2 SBI Home Loan Interest Rate
- 3 What is the eligibility for SBI Home Loans?
- 4 What are the different types of home loans at SBI?
- 4.1 Regular Home Loan
- 4.2 Top-Up Home Loan
- 4.3 Flexipay Home Loan
- 4.4 Maxgain-Home loan
- 4.5 NRI Home Loan
- 4.6 Realty Home Loan
- 4.7 Pre-approved Loan (PAL)
- 4.8 Tribal Plus
- 4.9 Privilege Home Loan
- 4.10 Shaurya Home Loan
- 4.11 Bridge Home Loan
- 4.12 How can you check your loan application Status?
- 4.13 What is the customer care number of SBI?
How to apply for SBI Home Loan Online?
If you want to avail a home loan from SBI, the most convenient way is to apply online at Wishfin. The home loan experts at Wishfin make sure you get lowest SBI home loan interest rates along with instant approval facility. You can visit the website and apply for SBI home loan online. Since the documentation required to apply for the loan is simple, the home loan department makes it easier for you to get the best home loan. So, if you want to get lowest home loan rates, apply at Wishfin.
SBI Home Loan Interest Rate
Below is the table showing the maximum loan amount, tenure, interest rate, and the processing fee on the loan. The processing fee would also attract an additional 18% GST which altogether is a one-time payment deducted from the disbursed amount.
| Particulars | Details |
|---|---|
| Interest Rate | 8.35% - 8.90% |
| Loan Amount | Customized |
| Tenure | Up to 30 Years |
| Processing Fee | 0.35% of loan amount plus GST to maximum ₹10,000 plus GST |
What is the eligibility for SBI Home Loans?
SBI provides home loans to salaried, self-employed, employees of central/state government, self-help groups and defense personnel belong to army, navy and air force. Moreover, if you fall under this criteria, it is easy for you to avail the home loan from SBI. The bank will be more than happy to fulfill your wish of owning a dream home by offering you the loan, meeting your criteria. For your reference, below is the table showing SBI Home Loan Eligibility.
| Criteria | Salaried | Self-employed |
|---|---|---|
| Age | 18 Years-70 Years | 21 Years-70 Years |
| Income | ₹1,80,000 (p.a.) | ₹1,80,000 (p.a.) |
| Loan Amount Offered | Customized | Customized |
| Tenure | 30 Years | 30 Years |
| Current Experience | 2 Years | 3 Years |
What are the documents required for SBI Home Loans?
To avail SBI Home Loan, it is highly important for you to be ready with a complete list of documents so that loan application can easily be processed further. To know about the complete list of documents required for SBI home loan, read this article below.
| Salaried | Self-employed/Professionals/Other IT Assesses |
|---|---|
| Duly filled loan application | Duly filled loan application |
| 3 recent passport size photographs | 3 recent passport size photographs |
| Identity proof (Aadhar Card/Voter ID card/Passport/ Driving licence/IT PAN Card) | Identity proof (Aadhar Card/Voter ID card/Passport/ Driving licence/IT PAN Card) |
| Residential proof (Aadhar Card/photocopy of recent electricity bill/telephone bill/property tax receipt) | Residential proof (Aadhar Card/photocopy of recent electricity bill/telephone bill/property tax receipt) |
| Proof of business address for non-salaried individuals | Proof of business address for non-salaried individuals |
| Bank statement/Pass Book of last three month | Bank statement/Pass Book of last three month |
| Signature identification from present bankers | Signature identification from present bankers |
| Personal Assets and liabilities statements | Personal Assets and liabilities statements |
| Original salary certificate from employer | Acknowledged copies of three years IT return/Assessment orders |
| TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department | Photocopies of challans evidencing payment of Advance Income Tax |
What is the processing fee on SBI Home Loans?
The processing fee for Home Loans and Home Top-up Loans (both Takeover and New) is 0.35% of loan amount plus GST to maximum ₹10,000 plus GST. There is also no processing fees and hidden charges on the balance transfer. So, if you have an existing home loan, you can go for balance transfer without paying any extra charges.
What is Switchover Fee at SBI?
If you have an existing home loan from SBI which is linked to Base Rate and want to switch to the MCLR linked home loan, there is a fee which is given the name of Switchover fee. At present, the Switchover fee is NIL at SBI which means you can switch to the MCLR linked home loan without paying any extra money to the bank.
Pradhan Mantri Awas Yojana (PMAY) – Housing for All (Urban)
The affordable housing scheme under PMAY is for providing houses to all the eligible families/beneficiaries by 2022. Through Credit Linked Subsidy Scheme (CLSS), the purpose is to expand the credit flow to the housing needs of the urban population. Credit linked subsidy will be provided on home loans taken by eligible urban poor (EWS/LIG) for acquisition, construction of house. The Housing for All is categorised as mentioned below:
- CLSS – EWS / LIG
- CLSS (MIG-I/II)
Credit Linked Subsidy Scheme (CLSS) EWS / LIG
Under this scheme credit linked interest subsidy at 6.50% will be provided to the eligible borrowers for 15 years or actual tenure of the home loan, whichever is lower, in EWS/LIG category as per the Government of India.
Credit Linked Subsidy Scheme (CLSS) – MIG
Credit Linked subsidy Scheme (CLSS) for Urban Areas under the ambit of Pradhan Mantri Awas Yojana (PMAY) is for the borrower belonging to the middle-income group (MIG). The income group covers two income segments between ₹6,00,001 to ₹12,00,000 (MIG-I) and ₹12,00,001 to ₹18,00,000 (MIG-II) in a year. An interest subsidy of 4% will be provided for the loan amount up to ₹9 lakhs for MIG-I segment whereas, for MIG-II, an interest subsidy of 3% has been provided for the loan amount up to ₹12 lakhs. The scheme is now available for the customers for 15 months more that is till March 2019.
What are the different types of home loans at SBI?
State Bank of India offers various home loan schemes to all its customers so that they can choose from plenty of options. All these home loan schemes come with easy repayment options, competitive interest rates, nominal fee & charges. To know more about these schemes, kindly go through this article below.
- Regular Home Loan
- Balance Transfer
- NRI
- Flexipay
- Privilege
- Shaurya
- Pre-Approved Loan (PAL)
- Realty
- Top-Up
- Bridge
- Hamara Ghar
Regular Home Loan
This is the normal home loan scheme which is the most demanding home loans in India. The interest rate offered by the bank is the lowest. Have a look at the pricing grid for both salaried and self-employed individuals.
| Profession | Loan Amount | Interest Rates for Women (p.a.) | Interest Rates for Others (p.a.) |
|---|---|---|---|
| Salaried Borrowers | Upto 30Lac | 8.35% -8.45% | 8.40%-8.50% |
| Above 30lac to 75Lac | 8.50%-8.60% | 8.55%-8.65% | |
| Above 75Lac | 8.60%-8.70% | 8.65%-8.75% | |
| Non Salaried Borrowers | Upto 30Lac | 8.50%-8.60% | 8.55%-8.65% |
| Above 30lac to 75Lac | 8.65%-8.75% | 8.70%-8.80% | |
| Above 75Lac | 8.75%-8.85% | 8.80%-8.90% |
Top-Up Home Loan
The customers who already have a home loan from SBI and want more money can opt for this facility. Have a look at the pricing grid for this loan.
| Loan Amount | Interest Rates for Salaried (p.a.) | Non Salaried (p.a.) |
|---|---|---|
| Above 5 lakhs - Up to 20 lakhs | 8.60%-8.70% | 8.75%-8.85% |
| Above 20 lakhs - Up to 1 Crore | 8.80%-8.90% | 8.95%-9.05% |
| Above 1 Crore - Up to 2 Crores | 9.00%-9.10% | 9.15%-9.25% |
| Above 2 Crores - Up to 5 Crores | 8.45%-8.55% | 9.60%-9.70% |
| Above 5 crores | 9.65%-9.75% | 9.80%-9.90% |
Flexipay Home Loan
SBI Flexipay Home Loan is available for salaried and working professional/executives. Salaried applicants with minimum 2 years of experience, aged between 21-45 years are eligible to avail the loan under this scheme. This loan scheme is available with a maximum repayment period of 25-30 years with a loan amount of ₹20 Lakh or above.
Maxgain-Home loan
You can avail this scheme to get the loan amount of above ₹20 Lakh & there is no maximum limit available for obtaining home loans under SBI Maxgain scheme.
| Profession | Loan Amount | Interest Rate for Women (p.a.) | Interest Rate for Others (p.a.) |
|---|---|---|---|
| Salaried Borrowers | above 20Lac -30Lac | 8.40%-8.50% | 8.45%-8.55% |
| Above 30lac to 75Lac | 8.60%-8.70% | 8.65%-8.75% | |
| Above 75Lac to 3Cr | 8.75%-8.85% | 8.80%-8.90% | |
| Non Salaried Borrowers | above 20Lac -30Lac | 8.60%-8.70% | 8.65%-8.75% |
| Above 30lac to 75Lac | 8.80%-8.90% | 8.85%-8.95% | |
| Above 75Lac to 3Cr | 8.95%-9.05% | 9.00%-9.10% |
NRI Home Loan
This home loan scheme is available for Non-Resident Indians (NRIs) as well as for Persons of India Origin (POIs), having a regular source of income. To avail the same, the minimum employment tenure in India/Abroad is 2 years, whereas as far as the loan amount is concerned, there is no maximum limit for the same.
Realty Home Loan
You can avail this loan to purchase a plot so as to start the construction of the house. But it comes with a condition i.e. the construction of the house should commence within 2 years from the day you availed the loan under this scheme. Maximum loan amount offered under this scheme is ₹10 crore up to a repayment period of 15 years.
Pre-approved Loan (PAL)
Under this scheme, the home loans can easily be sanctioned to the borrowers before the finalization of the property, which also enables the borrowers to do the negotiation easily. The eligibility will be decided on the basis of income details provided by the applicants. SBI PAL home loan scheme is available with a minimum loan amount of ₹10 Lakh.
Tribal Plus
This home loan scheme from SBI has been thoughtfully designed for people living in hilly/tribal areas so as to extend their financial assistance. Usually, in these areas the mortgage of the property is not easily possible, thus keeping this thing in mind, SBI has come up with this scheme. You can avail loan from this scheme to purchase or construct a home/flat without mortgaging the land. The maximum loan amount that you can get is ₹10 Lakh for a maximum repayment period of 15 years.
Privilege Home Loan
Employees of Central/State Governments including PSBs, PSUs and other individuals with pensionable service. Maximum loan tenure is 30 years with repayment upto the age of 75 years. You can also opt for the balance transfer, and switch your existing home loan to SBI.
Shaurya Home Loan
Those who are in defense personnel belonging to Army, Navy and Air Force are eligible to avail the home loan under this scheme. You can also opt for balance transfer in order to reap the maximum benefits of this scheme. Under this scheme, you can repay the same at an age of 75 years with maximum loan repayment period of upto 30 years.
Bridge Home Loan
At SBI, the maximum loan amount that you can get is 80% of the value of the property and the rest 20% of the amount is to be deposited by the borrower himself. However, SBI Bridge Loan is the facility under which you can get the loan for the rest 20% as well. This is a short term loan which helps the borrower to buy their dream home without being worried about any down payment. The maximum tenure for this term loan is 2 years and the interest rate applicable is marginally higher than the normal home loan interest rate.
How can you check your loan application Status?
In order to know your SBI Home Loan Status, you can visit the official website of the bank or contact Wishfin home loan executive. The executives are there to help you track the status of your home loan application. You need to have the application ID to know the status.
What is the customer care number of SBI?
If you have any home loan related query, you can also contact the nearest SBI branch. You can also dial a toll-free customer care number-1800 425 3800.
